Praveen Jaswantrai Jain made an offer to acquire 26% stake in Shashank Traders Limited for INR 8.4 million on October 14, 2015. Praveen Jaswantrai Jain will acquire 0.8 million shares at INR 10.5 each. In a related transaction, Praveen Jaswantrai Jain agreed to acquire 26.65% stake in Shashank Traders Limited from K.K Modi Investment and Financial Services Limited. The transaction will be financed by internal resources and loan or investments if required. For the year ended March 31, 2015, Shashank Traders Limited reported revenues of INR 1.98 million, net income of INR 0.08 million and shareholders' equity of INR 32.26 million. The offer is subject to statutory and RBI approvals but is not subject to minimum level of acceptances. An Independent Board Committee of Shashank Traders Limited will be established for the deal. The offer will commence from December 10, 2015 to December 23, 2015.

On January 11, 2016, it was announced that the offer would open on January 12, 2016 and close on January 25, 2016, In the event that either the regulatory approvals are not received, there is any litigation to stay the offer or SEBI instructs the acquirer not to proceed with the offer, then the offer proceeds may be delayed beyond the schedule of activities. The offer is not subject to any minimum level of acceptances. Sachin Garg of Omkam Capital Markets Pvt. Ltd. is acting as broker to the transaction. Manoj Kumar and Ruchika Sharma of Corporate Professional Capital Pvt. Ltd. is acting as Manager to offer. Sharwan Mangla of MAS Services Limited acted as registrar and Amar Bafna of Amar Bafna Associates acted as accountant to Praveen. Omkam Capital Markets Private Limited is acting as broker to Praveen Jaswantrai. YES Bank Limited acted as escrow agent.

Praveen Jaswantrai Jain completed the acquisition of 26% stake in Shashank Traders Limited on January 25, 2016.